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On Commodity Prices and Factor Rewards: A Close Look at Sign Patterns

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Author Info
Mitra, Tapan (Cornell U)
Abstract

The effect of changes in commodity prices on factor rewards is studied in the multi-commodity, multi-factor case. It is shown that the inverse of the distributive share matrix must satisfy the following restriction: it cannot be anti-symmetric in its sign pattern. This means that one cannot partition the commodities into two groups (I and II) and factors into two groups (A and B), such that all factors in group A benefit (nominally) from all commodity price increases in group I, and simultaneously all factors in group B suffer from all commodity price increases in group II. It turns out that this is also the only sign-pattern restriction imposed by the general nature of the relationship of commodity prices and factor rewards.

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Paper provided by Cornell University, Center for Analytic Economics in its series Working Papers with number 07-07.

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Date of creation: Apr 2007
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Handle: RePEc:ecl:corcae:07-07

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Find related papers by JEL classification:
C65 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Miscellaneous Mathematical Tools
C67 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Input-Output Models
D33 - Microeconomics - - Distribution - - - Factor Income Distribution
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
F11 - International Economics - - Trade - - - Neoclassical Models of Trade

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  1. Jones, Ronald W & Scheinkman, Jose A, 1977. "The Relevance of the Two-Sector Production Model in Trade Theory," Journal of Political Economy, University of Chicago Press, vol. 85(5), pages 909-35, October. [Downloadable!] (restricted)
  2. Jones, Ronald W & Mitra, Tapan, 1995. "Share Ribs and Income Distribution," Review of International Economics, Blackwell Publishing, vol. 3(1), pages 36-52, February.
  3. Ronald W. Jones, 1965. "The Structure of Simple General Equilibrium Models," Journal of Political Economy, University of Chicago Press, vol. 73, pages 557. [Downloadable!] (restricted)
  4. Jones, Ronald W., 1975. "Income distribution and effective protection in a multicommodity trade model," Journal of Economic Theory, Elsevier, vol. 11(1), pages 1-15, August. [Downloadable!] (restricted)
  5. Ethier, Wilfred, 1974. "Some of the theorems of international trade with many goods and factors," Journal of International Economics, Elsevier, vol. 4(2), pages 199-206, May. [Downloadable!] (restricted)
  6. Ronald W Jones, 2006. ""Protection And Real Wages": The History Of An Idea," The Japanese Economic Review, Japanese Economic Association, vol. 57(4), pages 457-466. [Downloadable!] (restricted)
  7. Chang, Winston W, 1979. "Some Theorems of Trade and General Equilibrium with Many Goods and Factors," Econometrica, Econometric Society, vol. 47(3), pages 709-26, May. [Downloadable!] (restricted)
  8. Kemp, Murray C & Wegge, Leon L F, 1969. "On the Relation between Commodity Prices and Factor Rewards," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 10(3), pages 407-13, October. [Downloadable!] (restricted)
  9. Jones, Ronald W. & Peter Neary, J., 1984. "The positive theory of international trade," Handbook of International Economics, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 1, chapter 1, pages 1-62 Elsevier. [Downloadable!] (restricted)
  10. Ethier, Wilfred J., 1984. "Higher dimensional issues in trade theory," Handbook of International Economics, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 1, chapter 3, pages 131-184 Elsevier. [Downloadable!] (restricted)
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